The Ripple Consensus Ledger Concept
As this company has been focusing on the development of blockchain technology for financial institutions over the past few years, digital money enthusiasts will know the title Ripple. Or to be more precise, they provide settlement solutions that are global to players — mostly banks — that will help reduce prices.
Since they also want to provide direct trades in real-time, which is of high value in the global money transfer sector, but that isn’t all this business doesno deposit bitcoin casino usa bitcoin casino 150 free spins Settling these transactions is made possible thanks to this Ripple Consensus Ledger, which can be the foundational ledger for its XRP digital advantage. Unlike Bitcoin miners, the Ripple system uses individual validators to confirm transactions and bitcoin casino with high payout chance.
Ripple Consensus Ledger
One of those Ripple validators will be run by MIT, as their Connection Science research initiative is investigating the options of a global Byzantine consensus database. As MIT is one of the world’s most renowned institutes this news is a significant notch in the belt for Ripple. Moreover, more validators offer decentralization to this concept as well, and on the Ripple Consensus ledger will strengthen the community.
MIT Professor, Alex Pentland, shared his vision as follows:
In this new experiment with Ripple, we are taking MIT’s experiential research strategy to the blockchain, and we expect this collaboration will provide us new opportunities to test and deploy information applications and research.We’re pleased that the Ripple team has fostered a meaningful dialog with us about the future of finance through the decentralization of electronic currencies and value.
Managing Director David Shrier and professor Pentland will lead the participation of MIT . Furthermore, MIT Link Science will continue to develop novel blockchain initiatives, and open source their code projects under the Internet Trust Consortium”umbrella.”
Both entities have a whole lot of respect for each other, and Ripple is excited to have MIT on board. Allowing money to move freely through the world — similar to how information is shared on the Web — is a significant project, and having such a renowned institute contribute to these efforts can be invaluable to Ripple.
It has to be said that MIT won’t need to use too many resources up to be a validator on the Ripple Consensus Ledger. All of these systems are lightweight, and can be compared to running an email server. Bearing in mind 30 distinct banks around the world have embraced this technology, things that are exciting appear to be on the horizon for all partiesTrueFlip review
What are your ideas on MIT becoming a validator on the Ripple Consensus Ledger? Tell us in the comments below!
Source: Business Wire
Images courtesy of Ripple, MIT, en.wikipedia.org